Being a primary applicant but cosigner is driving the car and makespayments

[jhtrico1850]

If I know someone stuck with Santander at 20%, but they can't easily refinance (young credit, noncitizen), even though they have a CreditKarma 680 at 30% utilization (paid off now but Bank of America is slow to update)...

Can I apply for a loan as the primary, and then have automatic payments hit the cosigner? Or can only the primary applicant make payments? I have read of people's parents being primary applicant, but their kid drives, but I don't know how payments work. Looking into DCU/capital one.

[SamsungHDTV]

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@jhtrico1850 wrote:

If I know someone stuck with Santander at 20%, but they can't easily refinance (young credit, noncitizen), even though they have a CreditKarma 680 at 30% utilization (paid off now but Bank of America is slow to update)...

Can I apply for a loan as the primary, and then have automatic payments hit the cosigner? Or can only the primary applicant make payments? I have read of people's parents being primary applicant, but their kid drives, but I don't know how payments work. Looking into DCU/capital one.

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Yes you can be primary and have the auto pay to hit the cosigner. Be careful who you are going to get a loan for. Even if he/she is your child. Be prepared to take on the payments if the cosigner is unable to pay for any reason.

[Anonymous]

Good advice there! You can do it anyway you want but a very high percentage of times these types of things dont work out well.

Remember you are gambeling your credit future for 7.5+ years on this person.